Why Larry Summers Won't Be Fed Chair

Political pundit Greg Valliere explains why President Obama is likely to pass over the "prickly" former Treasury Secretary.

We simply don't get the boomlet for Larry Summers to become the next chairman of the Federal Reserve. First, Summers' allies have been ginning up support, making it clear that he's interested—and that's the kiss of death. If you want a major job in this town, you have to be coy.

Second and more important, Summers, who served as Treasury Secretary under President Clinton, would not be a good Fed Chairman. He's famously prickly; he...